One of Ireland’s finest country estates, Dowth Hall in Co Meath, has sold at auction for €5 million to an Irish buyer.

It represents one of the biggest sales of prime farmland in the State in recent years.

Dowth Hall, built in 1760, sits on 420 acres in the Boyne Valley between Slane and Drogheda. The house, which is in serious disrepair, and lands were sold under the hammer by Robert Ganly of Knight Frank auctioneers in a process that lasted just three minutes at its Dublin premises.

The buyer was represented in trust by Navan-based auctioneer John Harrington, who would not disclose the buyer’s identity. There were three bidders, although one dropped out soon after the bidding opened at €2.5 million. Rising in increments of €100,000, the underbidder – an American represented by a UK auctioneer – fell away after a knockout bid of €200,000.

It is believed the new buyer will refurbish the property completely at an estimated cost of €2.5 million.

There are five staff lodges and outhouses on the land that will also need extensive work.